Definitive Analysis
| Stable Growth | $10.30 - $16.66 | $13.16 |
| Multi-Stage | $21.55 - $23.65 | $22.58 |
| Blended Fair Value | $17.87 | |
| Current Price | $11.40 | |
| Upside | 56.76% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 14.93% | 2.90% | 0.87 | 0.42 | 0.29 | 0.89 | 0.57 | 0.43 | 0.93 | 0.88 | 1.07 | 0.92 |
| YoY Growth | - | - | 107.75% | 43.57% | -67.10% | 55.20% | 31.66% | -53.60% | 5.77% | -17.49% | 16.34% | 40.85% |
| Dividend Yield | - | - | 7.62% | 2.97% | 2.10% | 6.24% | 3.17% | 3.05% | 6.02% | 4.31% | 4.50% | 4.00% |
| Net Income To Common (M) | 184.25 |
| (-) Cash Dividends Paid (M) | 166.84 |
| (=) Cash Retained (M) | 17.42 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 36.85 | 23.03 | 13.82 |
| Cash Retained (M) | 17.42 | 17.42 | 17.42 |
| (-) Cash Required (M) | -36.85 | -23.03 | -13.82 |
| (=) Excess Retained (M) | -19.43 | -5.61 | 3.60 |
| (/) Shares Outstanding (M) | 192.00 | 192.00 | 192.00 |
| (=) Excess Retained per Share | -0.10 | -0.03 | 0.02 |
| LTM Dividend per Share | 0.87 | 0.87 | 0.87 |
| (+) Excess Retained per Share | -0.10 | -0.03 | 0.02 |
| (=) Adjusted Dividend | 0.77 | 0.84 | 0.89 |
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | -0.85% | 0.15% | 1.15% |
| Fair Value | $10.30 | $13.16 | $16.66 |
| Upside / Downside | -9.63% | 15.47% | 46.16% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 184.25 | 184.53 | 184.81 | 185.08 | 185.36 | 185.64 | 191.21 |
| Payout Ratio | 90.55% | 90.44% | 90.33% | 90.22% | 90.11% | 90.00% | 92.50% |
| Projected Dividends (M) | 166.84 | 166.88 | 166.93 | 166.98 | 167.03 | 167.07 | 176.87 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | -0.85% | 0.15% | 1.15% |
| Year 1 PV (M) | 155.08 | 156.64 | 158.21 |
| Year 2 PV (M) | 144.15 | 147.07 | 150.02 |
| Year 3 PV (M) | 133.99 | 138.08 | 142.26 |
| Year 4 PV (M) | 124.55 | 129.65 | 134.90 |
| Year 5 PV (M) | 115.77 | 121.72 | 127.92 |
| PV of Terminal Value (M) | 3,463.50 | 3,641.72 | 3,827.20 |
| Equity Value (M) | 4,137.03 | 4,334.89 | 4,540.52 |
| Shares Outstanding (M) | 192.00 | 192.00 | 192.00 |
| Fair Value | $21.55 | $22.58 | $23.65 |
| Upside / Downside | 89.01% | 98.05% | 107.44% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| LZOEX | Lazard Emerging Markets Equity Portfolio | 0.09% | $0.02 | 36.87% |
| PWR | Quanta Services, Inc. | 0.09% | $0.39 | 5.78% |
| AAMI | Acadian Asset Management | 0.08% | $0.04 | 1.59% |
| PDLB | Ponce Financial Group, Inc. | 0.08% | $0.01 | 1.31% |
| VRT | Vertiv Holdings Co | 0.08% | $0.15 | 5.48% |
| 0J46.L | HEICO Corporation | 0.07% | $0.23 | 4.98% |
| 0JYM.L | Markel Corporation | 0.07% | $1.41 | 0.87% |
| CHCI | Comstock Holding Companies, Inc. | 0.06% | $0.01 | 0.56% |
| MTVC | Motive Capital Corp II | 0.06% | $0.01 | 2.21% |
| ENJ | Entergy New Orleans, LLC First Mortgage Bonds, 5.0% Series due December 1, 2052 | 0.05% | $0.01 | 0.31% |
| ENO | Entergy New Orleans, LLC First Mortgage Bonds, 5.50% Series due April 1, 2066 | 0.05% | $0.01 | 0.31% |
| AJRD | Aerojet Rocketdyne Holdings, Inc. | 0.04% | $0.02 | 2.70% |
| ERES | East Resources Acquisition Company | 0.04% | $0.00 | 1.55% |
| NBN | Northeast Bank | 0.04% | $0.04 | 0.38% |
| ARHS | Arhaus, Inc. | 0.03% | $0.00 | 0.61% |
| BSIG | BrightSphere Investment Group Inc. | 0.03% | $0.01 | 0.34% |
| EWCZ | European Wax Center, Inc. | 0.03% | $0.00 | 0.37% |
| WIRE | Encore Wire Corporation | 0.03% | $0.08 | 0.42% |
| ACFN | Acorn Energy, Inc. | 0.02% | $0.00 | 0.09% |
| ACMR | ACM Research, Inc. | 0.02% | $0.01 | 0.62% |
| CFB | CrossFirst Bankshares, Inc. | 0.02% | $0.00 | 0.21% |
| FDSB | Fifth District Savings Bank | 0.02% | $0.00 | 0.35% |
| GRDN | Guardian Pharmacy Services, Inc. | 0.02% | $0.00 | 0.75% |
| NVDA | NVIDIA Corporation | 0.02% | $0.04 | 0.98% |
| AMG | Affiliated Managers Group, Inc. | 0.01% | $0.04 | 0.23% |
| BSX-PA | Boston Scientific Corporation | 0.01% | $0.02 | 0.82% |
| FIGR | Figure Technology Solutions, Inc. Class A Common Stock | 0.01% | $0.00 | 2.22% |
| GNRC | Generac Holdings Inc. | 0.01% | $0.01 | 0.18% |
| LAUR | Laureate Education, Inc. | 0.01% | $0.00 | 0.22% |
| PLNT | Planet Fitness, Inc. | 0.01% | $0.01 | 0.57% |
| SUM | Summit Materials, Inc. | 0.01% | $0.00 | 0.32% |
| BE | Bloom Energy Corporation | 0.00% | $0.00 | 6.20% |
| BJRI | BJ's Restaurants, Inc. | 0.00% | $0.00 | 0.01% |
| CXW | CoreCivic, Inc. | 0.00% | $0.00 | 0.04% |
| INFA | Informatica Inc. | 0.00% | $0.00 | 0.10% |
| MMMB | MamaMancini's Holdings, Inc. | 0.00% | $0.00 | 0.04% |
| PMO | Putnam Municipal Opportunities Trust | 0.00% | $0.00 | 0.05% |
| SENEA | Seneca Foods Corporation | 0.00% | $0.00 | 0.04% |
| SLCA | U.S. Silica Holdings, Inc. | 0.00% | $0.00 | 0.02% |
| UNIT | Uniti Group Inc. | 0.00% | $0.00 | 0.00% |